Bhushan Steel jumps on 'debt' news
By
Research Desk
about 10 years ago
Bhushan Steel has been hitting a new low almost every day but today, seems to have dawned in the green for stock. The stock, which had closed yesterday at Rs.81.30, opened today at Rs.83.05 and went to hit an intra day high at Rs,87.20.
There is unconfirmed news report that the company is close to striking a deal with its lenders to restructure debt of Rs.20,000 crore. The news is that SBI and PNB are discussing extending the tenure of the local currency term loan to around 25 years from the current average of 8 years. About 51 banks have a combined exposure of Rs.40,000 crore in the company.
The stock exchange has asked the company to issue a clarification to this news; the company is yet to respond.